Apartment 14, Cornmill House, 4 Wharf Street, London

Description

Two bedroom flat benefiting from a balcony; well located for the amenities of Deptford; presented in reasonable decorative order; vacant; by Order of the LPA Receivers.

Accommodation

Third Floor - Kitchen/Reception Room, Bedroom, Bedroom with En-suite Shower Room/WC, Bathroom/WC

Location

Situated on Wharf Street in the Deptford Creekside area of South East London, offering a riverside setting close to local shops, cafés and restaurants. Deptford High Street and Market Yard are nearby. Deptford railway station is approximately 0.4 miles away, with Mudchute DLR station also within easy reach.

Tenure / Property Information

Investment Analysis

The five supplied completed sales at Cornmill House range from £352,500 to £530,000, with a simple average of £434,500. However, the evidence does not identify the comparable flat numbers, sizes, floors, condition, or whether any are the subject flat, and all sales occurred between 2018 and 2020. A current, unit-specific GDV therefore cannot be established reliably. The £315,000 guide is below every supplied comparable, but this may reflect unknown differences or auction circumstances.

Investment Snapshot

Strategy Recommendation

Proceed only subject to legal, leasehold, physical and valuation due diligence. The guide appears below the supplied historic same-building sales, but the absence of current unit-specific valuation, rental evidence, fees and works costs makes a firm investment or bidding recommendation unsupported.

Works Required

The flat is described as being in reasonable decorative order. No specific defects or required works are evidenced. Allow for inspection only; any redecoration, repairs, cleaning, compliance work or balcony/common-parts issues should be confirmed before bidding and costed from quotations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR appraisal cannot be completed reliably. There is no supported current GDV, refurbishment budget, rent, or leasehold cost information. The supplied historic same-building sales indicate potential value support above the guide, but their comparability and current relevance are unverified. Any refinance assumption would therefore be speculative.

Buy-to-Let Analysis

BTL appraisal cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Gross rent, yield, service charge, ground rent, management, voids and financing costs are unknown. The vacant two-bedroom layout may be lettable, but this is not a supported rent valuation.

Flip Analysis

A flip appraisal cannot be quantified because current GDV, works costs, selling costs and buyer costs are not supplied. The historic same-building sales range from £352,500 to £530,000, compared with the £315,000 guide, but the evidence is insufficient to confirm a profitable resale after works, holding and transaction costs.

Investor Risks & Due Diligence

• The supplied comparable sales are from 2018 to 2020 and do not identify the comparable units, sizes, floors or condition.

• No sufficiently specific rental evidence or auctioneer rent estimate is available, so income and yield cannot be assessed.

• No service charge, ground rent, council tax, EPC, parking or heating information is supplied.

• No buyer premium, administration charge or other auction fees are supplied.

• No quantified refurbishment or remedial works budget is supported by the evidence.

• Leasehold legal and management information has not been supplied, including any restrictions, arrears, major works exposure or remaining lease terms beyond the stated 999-year term.

• The property is vacant and being sold by LPA Receivers, requiring careful legal and vacant-possession due diligence.

Recommendation

Proceed only subject to legal, leasehold, physical and valuation due diligence. The guide appears below the supplied historic same-building sales, but the absence of current unit-specific valuation, rental evidence, fees and works costs makes a firm investment or bidding recommendation unsupported.

Strategy Rating

Analysis Confidence

There are five completed same-building sales and a clear property description, but the sales are historic and not unit-specific, while rent, costs, condition details, leasehold charges and current valuation evidence are absent.